ASIC REGISTERED AGENTS

Introducing terms and conditions

ASIC REGISTERED AGENTS

Introducing terms and conditions

Prior to May 2020, ASIC never really had a set of guidelines available for ASIC agents to adhere by.

Subsequently, ASIC introduced terms and conditions for registered agents that related to the eligibility criteria to become an agent, an agent’s ongoing obligations to their clients and the manner in which agents should act.

It was clearly stipulated about disclosure of fees to clients, how to maintain accurate records, how to obtain data, what documents to lodge and how to cease being an agent.

This was enforced by ASIC on all agents to ensure clarity and provide clear grounds for penalty should agents bring the role of ASIC registered agents into disrepute.

Applying to be a registered agent

Application to become a registered ASIC agent is not available to everyone and must meet the eligibility criteria set out by ASIC. To become an agent, you would need to be a registered company, a business name or an individual carrying on a business in your own name who is over the age of 18 years of age and resides in Australia.

For all entities that are not registered as an individual, there must be an appointed individual who is to act as a responsible person on the entity’s behalf. This person is responsible for ensuring the performance of ASIC’s obligations.

In addition any responsible person must not be disqualified from managing corporations under the Corporations ACT 2001 (Cth) or been canceled as an agent within the past 6 months.

Steps to register for online access

Once you have completed your registered agent application and ASIC has issued you with your agent number, you must register for online access. To register for access you must read and agree to the Electronic Lodgement Protocol, provide your ASIC agent number and then select a username and password for your account.

You will be required to provide further information such as security questions and answers, contact details (phone and email) before verifying your identity and completing a declaration and submitting your application.

Finally, you will need to print and sign the Participation Agreement that ASIC supplies during the registration process and send it to agent.registration@asic.gov.au.

Steps to log in

Normally ASIC’s online services are available without interruption and all registered agents who intend to access information via their portal will need to head to the ASIC website and complete the following steps to log in:

Enter your registered agent number;
Enter your account’s username and password;
View your account details.

From here you can access the “Inbox” where messages in relation to companies you manage are available.

This is also the location in which you submit forms to make changes to company details.

WHAT DOCUMENTS CAN I LODGE ONLINE?

There are a large variety of forms which can be lodged by registered agents via the portal. Many of the forms can be lodged online and therefore it is expected that agents must lodge these via online services.

In addition to the submitting forms, a registered agent can also view company information such as annual statement date, officeholder details, shareholder details and address information.

Forms which can be lodged online include:

  • Change to company Details
  • Application for Voluntary Deregistration
  • Change to a Company Name
  • Appointment/Cessation of Registered Agent
  • Request for Correction
  • Reservation of Company Name

MAKING CHANGES WITHOUT BEING APPOINTED TO A COMPANY
AS THEIR REGISTERED AGENT.

It can be common that as an agent you are requested to make changes to a company for which you are not appointed as the managing agent. Some changes that agent’s may be requested to change for these companies include details such as address information, officeholders, shareholder and addresses.

An agent can also lodge online via their portal a deregistration of a company as well.

The process to lodge changes for company’s which they do not manage is almost identical to the process for company’s they manage. The main difference being that agents will need to include the company’s corporate key as part of the lodgement.

How can Waive help me as a registered agent?

Most agents using the online services from ASIC are seemingly caught in very manual processes when it comes to sending annual reviews, updating company details and ensuring their adhering to the agent responsibilities.

Some agents are not receiving written authority from directors before lodgement of documents with ASIC.

Waive assists agents and directors in meeting their obligations when it comes to the submission and lodgement of documents with ASIC.

Registered agents who manage company’s via Waive remove the manual processes and experience a significant improvement in the time it takes to update company details and send annual reviews.

Daily ASIC syncing and the smart notification system sends directors communication advising them of any outstanding changes or annual reviews that are required to be completed within the specified periods set out by ASIC.

In addition, included in Waive’s workflows is the relevant register documentation and electronic signing for directors which significantly improves compliance for both the registered agents and company directors.

Waive saves hours of administrative burden for registered agents and significantly reduces ASIC late penalties for directors.

WHAT OUR CLIENTS SAY

INTERESTING FACTS

$335 Million

Late Fees 2022

3.09 Million

Companies Registered

$85.89

Ave Late Fee per company